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Moscow-based Alfa Bank has launched a legal case against Oleg Deripaska, the Russian oligarch last year ranked as the country’s richest man, in a bid to protect itself against the possible default of a $1bn (€780m) loan. It comes as Deripaska faces a struggle to restructure his outstanding debt to other creditors.

Alfa Bank, to which Deripaska's companies owe about $1bn, does not want to restructure the debt but instead would like to receive stakes in the borrower's companies as collateral, the bank confirmed.

The bank, part-owned by fellow oligarchs Mikhail Fridman and Pyotr Aven, has already asked a New Jersey court to freeze the bank account of EN+ Group and has warned that Deripaska faces bankruptcy.

A spokesman for Basic Element, Deripaska's holding and investment company, did not return calls for comment.

Marat Gabitov, an equity analyst at Italian bank Unicredit, said that while $1bn is a small amount of Deripaska's outstanding debt, which totals $27bn according to Forbes, he believes it could have a domino effect on creditor loyalty, potentially leading to the bankruptcy of Deripaska's most indebted businesses.

Gabitov said: "The news (of a possible bankruptcy) may suggest that a redistribution of assets in Russia is beginning. We see the news as negative for Deripaska's public investments like Norilsk Nickel, and overall sentiment towards Russia."

Vladimir Lisin, a key shareholder in steel producer NLMK, said he plans to initiate bankruptcy proceedings against Deripaska's Russian automaker GAZ, which owes NLMK $29m, according to analysts at Unicredit

The possible bankruptcy of GAZ was discussed at a meeting at Sberbank, to which a controlling stake in the company is pledged.

And according to Gabitov, VEB chairman Vladimir Dmitriev said his bank is not negotiating with Rusal, also owned by Deripaska, to restructure its $4.5bn debt due in October this year.

This could lead to the loss of Rusal's 25% stake in Norilsk Nickel and raise opportunities for state participation in the company. Rusal last month reached a moratorium with some of its international creditors, which would give it two month relief from the repayment of debts.

Gabitov added: "While it is too early to draw any final conclusions, the news adds to the uncertainty surrounding Norilsk Nickel and the overall Russian market, as the potential redistribution of assets in the county would likely lead to further outflow of foreign investment in Russia."